What Sellers & Renters Should Know About the Lead Disclosure Rule

In 1992 and act was passed by Congress that was meant to protect buyers of multifamily housing or units from exposure to lead-based paint, dust, or soil. This was a directive of HUD and is now enforced with most housing that is pre-1978.

Before you can sell or lease your unit or units you must first be sure you are following the Lead Disclosure Rule. The first step of this is to provide the buyer or lessee with an informational pamphlet explaining the hazard of lead-based paints. You must also disclose any known presence of lead-based paints within the unit or units and state the condition of the painted surfaces.

In addition, you must include an attachment on the sale contract or lease that includes a Lead Warning Statement. This will confirm that you have complied with the law and that the buyer or lessee knows about any and all lead-based paint hazards.

Additionally, you have to give the buyer a 10-day window in which they may opt to have an independent review of the unit or units conducted. Should additional lead-based problems be found, the contract or lease will legally be null and void.

The rules and regulations set forth by the Lead Disclosure Rule are in an effort to protect people and the environment. Should you as the seller choose to ignore your obligations you can be subject to all kinds of problems. This can include, but is not limited to, having a lawsuit brought against you and possibly even having criminal charges filed. So, it is in your best interest to provide what you are lawfully required to provide making your sale or lease a successful one.

For more information about Environmental Compliance, please visit our website at www.GoingGlobalGreen.com or contact us at (860) 430-9935 or (860) 836-0533